"The Decorative paints business in India did well considering the challenging and uncertain macro environment. Paints Volume grew in double digits. Raw material prices were by and large stable with a softening bias, but were affected by the Depreciation of Rupee" said K.B.S. Anand, Managing Director & CEO, Asian Paints Limited.
“Industrial paints segment continues to be affected by the economic slowdown. Automotive coatings growth was subdued due to lower demand in the auto sector. International Business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty” he added.
Consolidated Results: Q1-FY’2014: For the quarter ended June 30, 2013, on consolidation of accounts of the subsidiaries and joint ventures of Asian Paints Net Profit of the Group is `275.2 crores as compared to 288.4 crores in the previous corresponding quarter. Income from operations has risen by 11.6 % to `2841.1 crores from `2546.1 crores. PBDIT for the group has increased by 4% to `464.7 crores from `446.6 crores. Profit before Tax is `423.9 crores as compared to `426.2 crores in the previous corresponding quarter.
Standalone Results: Q1-FY’2014: For the quarter ended June 30, 2013, Net Profit on a standalone basis increased by 3.4 % to `283.9 crores from `274.6 crores. Income from operations increased by 12.9 % to `2319.7 crores from `2054.0 crores. PBDIT for the quarter increased by 3.6 % to `419.2 crores from `404.8 crores. Profit before tax has increased by 4.8 % to `413.6 crores from `394.8 crores.
About Asian Paints Limited
Asian Paints (asianpaints.com) is India’s largest paint company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of ` 10,970 crores (`109.70 billion). Asian Paints along with its subsidiaries have operations in 17 countries across the world with 25 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints Egypt, Asian Paints, Apco Coatings and Taubmans.